Ophthalmic Devices Market expanding to $62,113 Million Globally by 2022

"The use of ophthalmic devices is expected to increase in the near future, owing to the spiraling rise in prevalence of eye diseases, such as glaucoma, cataract, and refractive errors. North America dominates the global ophthalmic devices market, and is expected to maintain its lead throughout the forecast period, owing to the high adoption rate of ophthalmic devices."

Ophthalmic Devices Market Report, published by Allied Market Research, forecasts that the global market was valued at $46,029 million in 2015, and is expected to reach $62,113 million by 2022, supported by a CAGR of 4.3% during the forecast period 2014 to 2022. The vision care devices segment dominated the global market, accounting for a share of nearly half of the total market in 2015.

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Ophthalmology is a branch of medical sciences, which deals with structure, function, and various diseases related to the eye. The ophthalmic device based on the product function are majorly categorized into surgical, diagnostic, and vision care devices. The increase in prevalence of eye related diseases such as glaucoma, cataract, refractive errors, AMD, and others drive the global ophthalmic devices market. Increase in prevalence and technological advancements in the devices also fuel the growth of the market.

Increase in prevalence rate of eye related diseases such as glaucoma, cataract, and others, rapid technological advancements, increase in initiatives to spread awareness, and high adoption of digital devices worldwide boost the global ophthalmology devices market. Although these factors are expected to fuel the growth of ophthalmic devices market, elements such as a lack of awareness and dearth of skilled professionals are projected to hamper the growth of the market.
The cataract surgery devices segment accounted for the major share in the ophthalmic surgical devices market, and is expected to continue its dominance throughout the forecast period. This segment is expected to grow at a CAGR of 4.8% during 2016-2022, owing to high prevalence of cataract worldwide.

Key Findings Of Ophthalmic Devices Market

• The surgical devices segment is projected to grow at the fastest rate during the forecast period.
• North America held a dominant position in the regional landscape in 2015, occupying a share of more than one-third of the total market.
• In 2015, the diagnostic segment accounted for a share of one-third of the total ophthalmic devices market.
• The contact lenses segment accounted for a share of more than one-third of the global ophthalmic devices market in 2015.

In 2015, North America accounted for nearly one-third of the global market, owing to the high prevalence of various eye diseases in the region. Europe holds the second position in the global ophthalmic devices market.

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The major companies profiled in the report includes Novartis AG, Carl Zeiss Meditec AG, Essilor International S.A., HAAG-Streit Holding AG, Johnson & Johnson, Nidek Co., Ltd., Topcon Corporation, Valeant Pharmaceuticals International, Inc., Hoya Corporation, and Ziemer Ophthalmic Systems AG.

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